The relationship between the thermodynamic effect and sub-synchronous rotating cavitation was investigated with a focus on cavity fluctuations. Experiments on a three-bladed inducer were conducted with liquid nitrogen at different temperatures (74 K, 78K and 83 K) to confirm the dependence of the thermodynamic effects. Sub-synchronous rotating cavitation appeared at lower cavitation numbers in liquid nitrogen at 74 K, the same as in cold water. In contrast, in liquid nitrogen at 83 K, the occurrence of sub-synchronous rotating cavitation was suppressed because of the increase of the thermodynamic effect due to the rising temperature. Furthermore, unevenness of cavity length under synchronous rotating cavitation at 83 K was also decreased by the thermodynamic effect. However, surge mode oscillation occurred simultaneously under this weakened synchronous rotating cavitation. Cavity lengths on the blades oscillated with the same phase and maintained the uneven cavity pattern. It was inferred that the thermodynamic effect weakened the peripheral cavitation instability, i.e., synchronous rotating cavitation, and thus axial cavitation instability, i.e., surge mode oscillation, was easily induced due to the synchronization of the cavity fluctuation with an acoustic resonance in the present experimental inlet-pipe system.